NorthOne Raises $67 Million to Become the Digital Finance Department for Small Businesses

• Small business banking tools company NorthOne pulled in $67 million in funding this week.
• The Series B round increases the company’s total raised to more than $90 million.
• NorthOne has big ambitions, and is seeking to be “the digital finance department powering every small business in America.”

Small business banking tools company NorthOne landed $67 million in a Series B funding round this week. The investment boosts the New York-based company’s total funds to more than $90 million.

New and existing investors, including Battery Ventures, Don Griffith, Drew Brees, Ferst Capital Partners, FinTLV, Next Play Capital, Operator Stack, Redpoint Ventures, Tencent, and Tom Williams, participated in the round.

NorthOne was founded in 2016 to offer small businesses an approachable digital banking experience. The company said that the funds will enable it to raise the standard of products and services that business owners should expect from their banking partners.

“Through an obsessive focus on our customers’ needs, we’ve been able to predictably build a business banking experience that unlocks an incredibly strong product-market fit,” said NorthOne CoFounder and CEO Eytan Bensoussan. “As our customers grow, their problems evolve beyond the bank account. By connecting the data layer between accounting, receivables, payables, lending, payroll—all the financial operations—and the bank account ledger, we can provide a transformative offering that’s always felt out of reach for our customers: a world-class finance department built for their business.”

NorthOne, whose services are powered by The Bancorp Bank, has big ambitions. The fintech is aiming to be “the digital finance department powering every small business in America.” To reach this goal, the company is currently working on building new capital and credit products, faster payment solutions, and more integrations.

Photo by RODNAE Productions